Hamilton Rose, which also traded as Athena Wealth, was a business associated with the discretionary fund manager (DFM) Clear Capital Management.
The firm has recently applied to cancel their regulatory licence after the Financial Ombudsman upheld three decisions against them, ordering the company to pay compensation for unsuitable pension transfer advice.
Whilst the background of each customer differed, the basics of the complaints were similar in that the investments via discretionary fund managers (DFMs) were unsuitable and the cost of running the SIPPs were not explained.
The Ombudsman concluded that the switch and the SIPP it recommended were unsuitable and there would have been no justification in the client’s incurring costs associated with switching.
A adviser could not possibly establish that the switch and proposed investment were in the client’s best interests without obtaining the information necessary to analyse the transfers properly.
SIPPs were established with InvestAcc Pension Administration Limited and investments placed on the Jarvis Investment platform.
Investments were placed into MBH Corporation Plc, the Mercantile Diversified Fund & the Mercantile Opportunities Fund which were deemed too much of a risk for the customer to take.
Unsuitable Pension Transfer or Investment Advice
If you had dealings with any of the firms involved and transferred your pension or invested money, you may have been given unsuitable advice and therefore should get the transaction reviewed.
This also applies to you if you have received statements showing that your pension had been performing very well, when in fact the investments may be illiquid meaning you could not get access to them.
Get Claims Advice
Please feel free to take advantage of our pension claim consulting service. Call our compensation experts for a no obligation chat to explore your options and get a deeper understanding of how we work before deciding on what’s best for you.
And if you have been cold called and have come across our website looking for a better deal, you are on the right track. We offer to carry out the work for a reasonable fee as we don’t buy data from the companies involved and pay them in return!
Why don’t you call us on 0333 358 0074 for an informal chat?
We offer a free assessment of your situation to find out if you may be owed money redress.